Terra Stablecoin Collapse
TerraUSD (UST), is a type of cryptocurrency known as a "stablecoin." According to its issuer, it used an algorithm to peg its value to the U.S. dollar and maintain stability.
In May 9, 2022, UST lost its peg to the U.S. dollar. Over the next several days, it plummeted in value, falling from its supposed peg of $1.00 to less than $0.10 and never recovering.
Cryptocurrency is often thought of as an unregulated investment instrument, not subject to the rules that regulate transactions in stocks or commodities. In reality, cryptocurrency issuers and exchanges must comply with many of the same laws as other types of investments.
EKO represents investors who have lost money in cases where cryptocurrencies collapsed.
+ Coinbase. EKO represents investors in a class action against the Coinbase exchange for its role in promoting UST to customers.
+ OKCoin. We represent OKCoin customers in a class action for the exchange's misrepresentations of the nature of the UST.
+ Prime Trust. We are pursuing claims against this "trust" that refused to redeem UST for U.S. dollars when UST collapsed.
+ Other stablecoins. EKO represents investors in other stablecoins that lost their peg to fiat currencies, such as the Japanese yen-pegged GYEN.
If you lost money when the UST peg broke, or have information about these cases, please contact an EKO attorney.
Learn more about what EKO can do for you.